OKX, the world's second-largest crypto derivatives exchange, has launched a new regulated derivatives product called X-Perps across all 30 countries of the European Economic Area (EEA). The product is offered through the exchange's Malta-based entity, which holds a Markets in Financial Instruments Directive (MiFID) license, acquired by OKX in March 2025.
The launch represents a significant expansion of OKX's regulated offerings under the EU's MiFID II framework. To comply with European regulations, which do not permit traditional perpetual futures contracts, OKX structured X-Perps as five-year expiry futures contracts. "Perpetual derivatives cannot exist under MiFID II because they would otherwise be classified as contracts for difference," explained OKX Europe CEO Erald Ghoos during Paris Blockchain Week.
The platform offers traders up to 10x leverage and supports multi-asset collateral, including euros, US dollars, and cryptocurrencies. At launch, available trading pairs are linked to Bitcoin (BTC), Ether (ETH), XRP (XRP), Dogecoin (DOGE), and Pepe (PEPE), with plans to add more pairs over time.
Ghoos highlighted the strategic importance of the move, noting that approximately 95% of crypto derivatives trading volume still occurs on offshore, unregulated platforms. "With X-Perps, we are bridging that gap under a fully regulated exchange where we offer great liquidity," he stated on social media platform X.
The launch comes as OKX solidifies its position in the global derivatives market. According to CoinGlass data, OKX ranked second in global crypto derivatives trading volume in Q1 2026, processing $2.19 trillion, trailing only Binance, which recorded $4.9 trillion.
